by The global Knee Replacement Market is estimated to be valued at US$ 10.6 Bn or Billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The knee replacement market involves surgical procedures and devices that replace the weight-bearing surfaces of the knee joint which has been damaged due to arthritis or injury. Knee replacement implants are made up of metal alloys and high-grade plastics that recreate the natural knee movement. As the knee replacement restores mobility, reduces pain, and improves the quality of life, the procedure has become a common orthopedic surgery worldwide.
Market key trends:
One of the key trends in the knee replacement market is the growing geriatric population worldwide. As age is one of the primary risk factors for knee osteoarthritis, the rising lifespan has contributed to the surge in knee replacement procedures globally. According to the United Nations, the population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050. This significant upswing in the aging demographic prone to knee diseases will drive the demand for knee replacements in the coming years. Furthermore, technological advancements in implant designs, navigation techniques, and robotic assisted surgeries have enhanced surgical outcomes for patients.
Porter’s Analysis
Threat of new entrants: The knee replacement market requires significant investment in research and development to design and manufacture effective products. Regulations are also very stringent which poses high entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as knee replacement surgeries are usually covered by health insurance providers or government bodies. However, buyers can choose from various available brand and generic options.
Bargaining power of suppliers: A few large companies dominate the supply of implant components and instruments for knee replacements limiting suppliers’ power. Suppliers also need to meet strict quality and certification standards.
Threat of new substitutes: No widely accepted substitutes exist for partial or complete knee replacement procedures currently. Alternatives like knee braces, medications provide temporary relief only.
Competitive rivalry: The market sees competition between global brands and local manufacturers. Companies compete based on technology, reliability, and services. Pricing pressure exists due to presence of generics.
Key Takeaways
The global Knee Replacement Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing rate of obesity and rise in sports injuries.
Regional analysis: North America dominates the knee replacement market currently. However, Asia Pacific is expected to be the fastest growing region owing to large patient pool and improving access to healthcare in countries like China and India.
Key players: Key players operating in the knee replacement market are Zimmer Biomet, Stryker Corporation, Smith & Nephew Plc, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Medacta International, MicroPort Scientific Corporation, ConforMIS, Inc., Corin Group, Exactech, Inc., DJO Global, Inc., Baumer Holding AG, SurgTech Inc., Wright Medical Group N.V., and X.NOV.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
